Micron Falls Again But No Major Liquidation, Retail Longs Buying the Dip for SKHX's Major Drop?

BlockBeats News, July 29th, according to Hyperinsight monitoring, after a 14.7% drop in the South Korean stock SK Hynix yesterday, the SKHX on Hyperliquid continued to decline today. At the time of writing, SKHX was trading at $973.06, a 10.7% decrease in the last 24 hours. However, there have been no million-dollar liquidation events on the platform, and only sporadic liquidations above $100,000.

The sharp decline did not trigger a new round of cascading liquidations. The open interest of SKHX has increased from 385,500 shares yesterday to the current 461,600 shares, a 19.7% increase. Calculated at the prevailing mark price, the notional value of open interest has also increased from around $411.4 million to $449 million, a 9.3% rise. Bargain-hunting funds are still entering the market.

Data shows that SKHX currently has 2,677 long positions and 791 short positions, with long positions accounting for 77% of the total, but both long and short positions have a notional value of around $217 million each.

By this calculation, the average single short position is about $274,000, which is 3.4 times larger than the average long position of about $81,000. In other words, there are more long accounts, but their positions are generally smaller; there are fewer short accounts, but their individual positions are significantly larger; the funding rate is currently +0.036% per hour.

As the scale of funds increases, the bias becomes more bearish. Whales with holdings above $5 million collectively hold $73.37 million in short positions and $39.07 million in long positions, with shorts accounting for about 65%, a net short position of approximately $34.3 million. Conversely, among accounts with less than $10,000, about 90% of positions are long.

The current losses are mainly dispersed among a large number of small long positions, while large positions are more concentrated on the short side.